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Court Revisits Foreclosure Action and Grants Summary Judgment for Unlicensed Foreign Bank: Greystone Bank v 15 Hoover St., LLC

Posted in Banking Law, CPLR 3212, Foreclosure, Guaranty, Industry: banking, Industry: real estate, Justice Driscoll, Timothy, Mortgages, Nassau, Stay Of Proceedings, Summary Judgment

In a June 22, 2011, decision by Justice Driscoll, the court granted plaintiff-mortgagee’s motion for summary judgment for foreclosure on and possession of the property in question, as well as for foreclosure on plaintiff’s security interests in personal property and recovery of rental proceeds as provided by the mortgage documents. Finding that the mortgage documents and proof of default submitted by plaintiff on the motion were sufficient to establish a prima facie foreclosure case, in opposition to which defendant-mortgagor failed to raise a triable issue of fact, the court granted plaintiff’s motion and its related application for the appointment of a referee to compute sums due upon the foreclosure sale. Continuing the relief granted in an earlier decision staying the plaintiff’s prosecution of a deficiency judgment under the related promissory note, the court denied plaintiff’s motion for summary judgment as to its causes of action for a deficiency judgment and for a money judgment against the guarantor on the note. 

Greystone Bank v 15 Hoover St., LLC, Sup Ct, Nassau County, June 22, 2011, Driscoll, J., Index No. 7223/2010